As an interesting 2016 comes to a close, we’re looking into what we should expect in 2017. It’s no surprise that we’re already seeing interest rates go up, but what else should we expect?
According to Redfin Chief Economist Nela Richardson, we should not be overly worried about interest rates increasing… Why? The expectation is that mortgage interest rates will increase no more than 4.3 percent on a 30-year fixed rate loan.
The silver lining of it all, according to Richardson is that mortgage credit will likely be more widely available, due to more flexible lending options. Richardson also shared that the FHA may lower their fees for new homebuyers, which we first started seeing with the Obama administration in 2015.
According to Chris Matthews at Fortune, the development of new homes will increase in 2017 as well, due to the increase of wages and more flexibility with lenders. What else does he have to say? Check out the full trend piece here.
See you in 2017!